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Intacc 1

The document provides cash and cash equivalent balances for multiple companies. It includes line items like cash in bank accounts, money market funds, treasury bills, and petty cash funds. The document also provides reconciled cash balances adjusting for items like outstanding checks and postdated receivables or payables. The questions associated with each section ask the reader to identify the correct cash or cash equivalent balance based on the information provided.

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Jen Adviento
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298 views4 pages

Intacc 1

The document provides cash and cash equivalent balances for multiple companies. It includes line items like cash in bank accounts, money market funds, treasury bills, and petty cash funds. The document also provides reconciled cash balances adjusting for items like outstanding checks and postdated receivables or payables. The questions associated with each section ask the reader to identify the correct cash or cash equivalent balance based on the information provided.

Uploaded by

Jen Adviento
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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PROBLEM 1-10 [ANSWER: C]

TRANVIA COMPANY
Cash in checking account P 350,000
Cash in money market account 750,000
Treasury bill, purchased November 1, 2020
maturing January 31, 2021 3,500,000
Cash and Cash equivalents, December 31, 2020 P 4,600,000

PROBLEM 1-11 [ANSWER: C]


AFFABLE COMPANY
Cash in bank- demand deposit P 5,000,000
Cash on hand 400,000
Money Order 50,000
Manger check 100,000
Travel check 1,000,000
Total cash P 6,550,000

PROBLEM 1-12 [ANSWER: A]


THOR COMPANY
Checkbook balance P 4,000,000
Check drawn on Thor’s account, payable to Supplier,
dated and recorded on December 31, 2020 but not
mailed until January 31, 2021 500,000
Cash under current assets P 4,500,000

PROBLEM 1-13 [ANSWER: B]


JOANA COMPANY
Petty cash fund (50,000-10,000) P 40,000
Cash on hand (500,000-100,000) 400,000
Cash in bank - current account 4,000,000
Cash in bank - payroll account 1,000,000
Time deposit 2,000,000
Cash in sinking fund set aside for bond payable
due, June 30, 2021 1,500,000
Cash and Cash equivalents P 8,940,000

PROBLEM 1-14 [ANSWER: B]


LAMENTABLE COMPANY
Cash in bank - Current account (P 6,000,000- 400,000) P 5,600,000
Petty cash fund - all fund were reimbursed at year-end 50,000
Time deposit - three months, due January 15, 2021 2,500,000
Saving deposit 1,000,000
Cash and cash equivalents P 9,150,000

PROBLEM 1-15 [ANSWER: C]


BALONEY COMPANY
Cash in bank P 2,250,000
Cash on hand 125,000
Cash, December 31, 2020 P 2,375,000

PROBLEM 1-16 [ANSWER: B]


YASMIN COMPANY
Petty cash fund P 50,000
Current account- First bank (4,000,000+100,000) 4,100,000
Money market placement - Third bank 1,000,000
Cash and cash equivalents P 5,150,000

PROBLEM 1-17 [ANSWER: D]


ROMA COMPANY
Undeposited NSF check P 600,000
BDO Checking account 4,000,000
BDO Payroll fund 1,000,000
BDO money market 2,000,000
BDO value added tax 450,000
Cash and cash equivalents P 8,050,000

PROBLEM 1-18 [ANSWER: 1. B 2. C]


ARUBA COMPANY
1. Checkbook balance P 8,000,000
Postdated accounts receivable (2,000,000)
NSF Check (500,000)
Undelivered check 1,500,000
Cash on hand - Undeposited 400,000
Change of fund 40,000
Cash P 7,440,000

2. Treasury bill P 2,500,000


Money market placement 3,000,000
Cash and cash equivalents P 5,500,000

PROBLEM 1-19 [ANSWER: 1. A 2. A]


ECSTASY COMPANY
1. Cash-coin, currency, saving account and checking account P 3,400,000

2. Government Treasury bill P 2,000,000


Commercial papers 1,500,000
Cash and cash equivalents P 3,500,000
PROBLEM 1-20 [ANSWER:C]
MARJORIE COMPANY
Coins and currency P 22,000
Check drawn payable to Ann Cruz 15,000
Petty cash fund P 37,000

1PROBLEM 1-21 [ANSWER: C]


ADMIRABLE COMPANY
Coins and Currency P 2,000
Check drawn to the order of petty cash custodian 4,000
Current amount of petty cash P 6,000

PROBLEM 1-22 [ANSWER: 1. B 2. A]


LOVE COMPANY
1. Checkbook balance P 4,000,000
Postdated customer check (200,000)
Undelivered check payable to supplier 400,000
Adjusted cash in bank, December 31, 2020 P 4,200,000

2. Cash in bank P 4,200,000


Undeposited collection 400,000
Petty cash fund:
Coins and currencies 5,000
Replenishment check 40,000 45,000
Cash, December 31, 2020 P 4,645,000

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